UK-based fintech firm Monzo has been approached by several investment banks about a potential initial public offering (IPO), reported Business Insider.
People aware of the matter told the publication that the fintech has received offers from banks eager to handle a prospective IPO.
The neo-banking app is not likely to go public until late 2024 or early 2025 at the earliest, according to the sources, who stated that the pitches are still in the exploratory stage.
Typically, an IPO can take six months to a year, and given the weak market conditions, no formal talks between the parties have started yet.
Monzo declined to comment on the development.
Citing an investor update, the publication said Monzo claimed a 250% increase in annualised revenues to £440m in the twelve months up to December 2022.
In addition to smaller rival Atom Bank, other European challenger fintechs Starling Bank and Zopa Bank have hinted that they may consider going public.
Read more here
People aware of the matter told the publication that the fintech has received offers from banks eager to handle a prospective IPO.
The neo-banking app is not likely to go public until late 2024 or early 2025 at the earliest, according to the sources, who stated that the pitches are still in the exploratory stage.
Typically, an IPO can take six months to a year, and given the weak market conditions, no formal talks between the parties have started yet.
Monzo declined to comment on the development.
Citing an investor update, the publication said Monzo claimed a 250% increase in annualised revenues to £440m in the twelve months up to December 2022.
In addition to smaller rival Atom Bank, other European challenger fintechs Starling Bank and Zopa Bank have hinted that they may consider going public.
Read more here